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we trip over that magical point where they will be voting for a p tax cut. and then one interesting vo ini members of congress, they are told by the leadership in the house republican side that they are too for the rest of the night remain in an accessible state. i'm told that they were not talking about their physical location. they were told to be prepared to have to vote later on this evening i should say, larry. >> not to speak of their enebriation. >> that is correct. at some point they may have to send out the mp's. >> i love that. me, i haven't had that in close to 18 years god bless. >> and you are a better man for it. >> you are sweet. let's move on. here is an update from an old friend and pair of ours, author of "beyond outrage" and steve moore, i guess robert reich attacks things, but why is it your democratic friends never want to cut spending and never want to shrink the government? why is that? >> i think a lot of documents are willing to cut spending that maybe you would agree with, larry. the problem with this bill, the biggest problem is it
we trip over that magical point where they will be voting for a p tax cut. and then one interesting vo ini members of congress, they are told by the leadership in the house republican side that they are too for the rest of the night remain in an accessible state. i'm told that they were not talking about their physical location. they were told to be prepared to have to vote later on this evening i should say, larry. >> not to speak of their enebriation. >> that is correct. at some...
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congress, with tax hikes and spending cuts. hello. you are watching aljazeera, live from doha. also on the program, bargaining for peace. an effort to end the conflict in afghanistan. a brazen protest in china. activists raid the home of their friend who is being held on house arrest. and ringing in the new year. in spectacular style. we will have a look at celebrations from around the world. welcome to the program. in less than five hours from now, the u.s. is set to fall over the so-called fiscal cliff. congress will not vote by the midnight deadline to avoid spending cuts and tax hikes due on january 1. talks will resume on tuesday. earlier, barack obama said an agreement to avoid this was in sight. >> for now, our most immediate priority is to stop taxes from going up for middle-class families starting tomorrow. i think that is a modest goal that we can accomplish. democrats and republicans in congress have to get this done, but they are not there yet. they are close, but they are not there yet, and one thing we can count on with respect to this congress, if there is even o
congress, with tax hikes and spending cuts. hello. you are watching aljazeera, live from doha. also on the program, bargaining for peace. an effort to end the conflict in afghanistan. a brazen protest in china. activists raid the home of their friend who is being held on house arrest. and ringing in the new year. in spectacular style. we will have a look at celebrations from around the world. welcome to the program. in less than five hours from now, the u.s. is set to fall over the so-called...
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to avoid the wide-ranging tax increases and spending cuts. >> congress has about 24 hours to get itself together. that is worthy deadline can happen. if they do not have a deal >> there could be some havoc in place in terms of the market going up and down. i think that they are very close. with a lot of these tax provisions up. the fiscal cliff is about taxes and spending. but the big question is that what is the spending issue. if they do have an impact it should not be an impact on the economy. >> people are really losing faith? >> these people of that nearly two years to get this done. for all of the whining... i do not really think there's much sympathy from the american people. the fact of the matter is that there is not just the fiscal cliff but also there is a pending bill that is being held up by the house of republicans. to make sure that the price of milk does not double puriwith nearly $7-for $eight! and can they still with the spending cuts? right now, we are going to hear that it is just going to kick the can and down the road. everything including the spending cuts will be
to avoid the wide-ranging tax increases and spending cuts. >> congress has about 24 hours to get itself together. that is worthy deadline can happen. if they do not have a deal >> there could be some havoc in place in terms of the market going up and down. i think that they are very close. with a lot of these tax provisions up. the fiscal cliff is about taxes and spending. but the big question is that what is the spending issue. if they do have an impact it should not be an impact...
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cuts potentially. i don't think it ever happened in my lifetime. i have a few more yeast than you do. i don't think it happened that they actually cut anything. do you think that the fact republicans agreed to the tax increas that will get some kind of spending cuts? we keep hearing it is about spending, it is about spending. >> i think the hardest part to understand seems they have no skin in the ga. as a business owner and president of a company i have responsibility to as my clients and my employees and we make decisions that are fruitful and beneficial for the company with the money that we have. why doesn't the government have to do that? i feel very strongly that you know, we are held to some limitations. in fact it i against the law, if at times i was to spend more money than i actually have. doesn't make any sense. adam: no, it would make you a politician. >> absolutely. absolutely. there is no skin in the game. yeah, granted i have accountability. i haveaccountability to clients, employees, to
cuts potentially. i don't think it ever happened in my lifetime. i have a few more yeast than you do. i don't think it happened that they actually cut anything. do you think that the fact republicans agreed to the tax increas that will get some kind of spending cuts? we keep hearing it is about spending, it is about spending. >> i think the hardest part to understand seems they have no skin in the ga. as a business owner and president of a company i have responsibility to as my clients...
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for two months to allow the next congress to figure out how to find more surgical cuts than essentially the automatic cuts that were due to kick in in january. now, there is a lot of back and forth. there is some things republicans don't like about this deal. some things those on the left don't like about this deal. i just heard from a prominent republican senator who thinks that the democrats will lose some of their most liberal members on this deal who are unhappy about the tax rate issue. they wanted it more to only extend the bush tax cuts to those making up to $200,000 or couples making up to $250,000. the number will be higher than that. bottom line, a lot of republicans in the senate feel like the rank and file democrats will likely fall in line and support the deal. so they think in the end that there will be the votes to pass the senate, bret. >> bret: so what if you can, judging from your reporting up there, tell us what vice president biden s really doing up there at the senate democratic caucus meeting? if all of these signals from the white house and from leadership is that
for two months to allow the next congress to figure out how to find more surgical cuts than essentially the automatic cuts that were due to kick in in january. now, there is a lot of back and forth. there is some things republicans don't like about this deal. some things those on the left don't like about this deal. i just heard from a prominent republican senator who thinks that the democrats will lose some of their most liberal members on this deal who are unhappy about the tax rate issue....
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. >> there is no deal in congress over tax cuts and spending. good evening, i'm cheryl jenning autos so we're going over the fiscal cliff. kregs leaders say they're going to save us from disaster. everyone wants to know will we ring in the new year with more taxes? >> well, we will. and this for a while, anyway. the bush era tax cuts will expire at the strofk midnight. by tomorrow it's expect there'd will be a deal to vote on this, afternoon, the president called supporters to the white house to say an agreement to extend the cuts for middle class is very close. >> preventing that tax hike has been my top priority. last thing folks like folks up here on the stage can afford right is to pay an extrao;ye6) 2,000s ndz taxes next year. >> vice president and hsh mitch mcconnell have been leading on negotiations to extend the increasest qlait tax rate from 35% to 40% and extend unemployment benefits one year. >> we need to pro teblgt american families and job creators from this looming tax hike. everyone agrees that that action is necessary. and i c
. >> there is no deal in congress over tax cuts and spending. good evening, i'm cheryl jenning autos so we're going over the fiscal cliff. kregs leaders say they're going to save us from disaster. everyone wants to know will we ring in the new year with more taxes? >> well, we will. and this for a while, anyway. the bush era tax cuts will expire at the strofk midnight. by tomorrow it's expect there'd will be a deal to vote on this, afternoon, the president called supporters to the...
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if congress does attach spending cuts, that bill is blown up and you can see markets really sell off tomorrow. if this is just punted along, markets could be a little bit more patient but patience is running out. and 401(k)s are being affected, as well. >> bianna, thank you. >>> we're going to turn now to secretary of state hillary clinton. doctors keeping a careful eye on mrs. clinton. we reported on their discovery, the blood clot right next to her brain. tonight, we know former president bill clinton and their daughter chelsea have been bill her side and the first message from chelsea on twitter. here's abc's sharyn alfonsi now. >> reporter: chelsea clinton leaving the hospital, where her mother will spend a third night. later optimistically tweeting, "thank you all for sending good thoughts my mom's way. grateful to all her doctors and that she'll make a full recovery!" but it's clearly a serious setback for the secretary. it's been three weeks since she was last seen in public, overseas where she picked up a bad stomach virus. days later, at her home, she fainted and got a concu
if congress does attach spending cuts, that bill is blown up and you can see markets really sell off tomorrow. if this is just punted along, markets could be a little bit more patient but patience is running out. and 401(k)s are being affected, as well. >> bianna, thank you. >>> we're going to turn now to secretary of state hillary clinton. doctors keeping a careful eye on mrs. clinton. we reported on their discovery, the blood clot right next to her brain. tonight, we know...
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and even though congress did not meet the midnight deadline, tax cuts will be retroactive if the bill is eventually signed into law. terrell? >> tara mergener in washington, thank you so much. the bill also extends unemployment benefits for 2 million people. it prevents a 27% cut in fees for doctors who treat medicare patients. but many americans will see a tax hike because the bill does not affect a scheduled 2% increase in the payroll tax. it also kicked the can down the road on automatic spending cuts for the defense department and domestic programs. they've been postponed for two months. as lee cowen reports, that uncertainty has many business owners worried. >> reporter: jo ann vinute is running the numbers. her payroll is due this week. she now has a hint on what taxes to withhold from her dozen employees. that's only half her work. unresolved spending cuts are the other. >> it's very uncertain and very unnerving and very -- causes a lot of anxiety and a lot of lack of sleep. >> reporter: she's the president of golden state magnetic. a $2 million a year los angeles company that
and even though congress did not meet the midnight deadline, tax cuts will be retroactive if the bill is eventually signed into law. terrell? >> tara mergener in washington, thank you so much. the bill also extends unemployment benefits for 2 million people. it prevents a 27% cut in fees for doctors who treat medicare patients. but many americans will see a tax hike because the bill does not affect a scheduled 2% increase in the payroll tax. it also kicked the can down the road on...
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the sequestration cuts take effect as the tax cuts -- in fact, they have already taken effect. >> thank you. so what do americans think of the job that congress is doing to solve this fiscal crisis? agoal goal went out to find out. >> they don't think much of what is going on in the building behind me. we crossed the river into virginia and the fact that the fiscal cliff deal is still not done comes to no surprise from everyone you're about to hear from. we traveled to the north side social in arlington with one goal. we asked people for one word to describe congress. >> one word -- >> you guessed it, nonare flattering. >> dysfunctional. >> stubborn. >> silly. >> watching the 112th congress bicker its way through negotiationings leaves people lime tom disappointed. >> i'm adisappointed. >> people like katherine apathetic. >> it seems like a cycle of nonsense. >> it has gotten worse. >> he's right. this congress will go down as the least productive on record. the bottom line is that members are not putting country first. >> now it is so bipartisan and they are used to beating the other g
the sequestration cuts take effect as the tax cuts -- in fact, they have already taken effect. >> thank you. so what do americans think of the job that congress is doing to solve this fiscal crisis? agoal goal went out to find out. >> they don't think much of what is going on in the building behind me. we crossed the river into virginia and the fact that the fiscal cliff deal is still not done comes to no surprise from everyone you're about to hear from. we traveled to the north...
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the first bill of the new congress. which i would say should be exact replica that you pass obama cut, pure tax cut, as we went over the cliff. do it on income tax, capital gains. you are saying we'll introduce the cut thursday. clean bill. none of the other stuff in it, like the wind power credit and all of this other stimulus junk. that would be what theteams are demanding. give it to them on monday. -- thursday, it will be a pure tax cut. >> by the time you get there, you have a market retook whatever is happening in washington. the asian markets open in 15 minutes. tomorrow market reacting to the past couple of days. steve, what about the premise they don't go forward with amending it. they pass it. all democratic votes and 40, 50 republican votes. >> that is probably the most likely outcome at this point unless they get to 218. it doesn't make sense to do this. the time to have had the fight over the substance in my view was in the past. i don't understand why there wasn't more coordination between the leaders in t
the first bill of the new congress. which i would say should be exact replica that you pass obama cut, pure tax cut, as we went over the cliff. do it on income tax, capital gains. you are saying we'll introduce the cut thursday. clean bill. none of the other stuff in it, like the wind power credit and all of this other stimulus junk. that would be what theteams are demanding. give it to them on monday. -- thursday, it will be a pure tax cut. >> by the time you get there, you have a market...
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to force congress to act, but those cuts would have been very arbitrary and would have potentially helped tip the country back into another recession. so that's why they so wanted to avoid that. but at the same time, those cuts produce deficit reduction. it's been a complicated, long negotiation. there has been a lot of emotion on the line, a lot of strong political feelings that have been at odds. as you know, there have been a change of players. this began with the president and speaker boehner negotiating that fell apart. then it fell to the top leaders in senate, mitch mcconnell and the democratic majority leader put a call in to his old friend, joe biden, help us out, sort it out. joe biden, if he had remained a united states senator he would have been the most senior democrat in the senate. so he knows how this place works, and he has demonstrated a relationship and trust with people across the aisle that has helped put this together. there will be unsung heroes, if you will, in terms of staffers who have worked to hard to make it work. now, there will be members of both parties who
to force congress to act, but those cuts would have been very arbitrary and would have potentially helped tip the country back into another recession. so that's why they so wanted to avoid that. but at the same time, those cuts produce deficit reduction. it's been a complicated, long negotiation. there has been a lot of emotion on the line, a lot of strong political feelings that have been at odds. as you know, there have been a change of players. this began with the president and speaker...
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congress under her leadership gave 27 million small businesses tax cuts. two main pieces of legislation -- the small businesses jobs act in the information you have, will create a total of 500,000 jobs and create eight tax cuts. they are all described in the packet you have. also, unleashing up to $300 billion in credit for small businesses to access. there are another eight tax cuts that were passed through a number of different laws. some of our panelists will address those. even though now we are in an environment where there is a republican majority in the house and a slimmer majority in the senate, please note that the leader and democrats are going fight hard to keep their agenda and restart our economy, and there will be more work to be done. i would like to hand over the podium to nicole rivera, who put this together. she will introduce the panelists and go over some logistics. i want to point out quickly that we are being recorded by san francisco government tv. the camera in front is only aimed at the podium. it is not taking shots of the audienc
congress under her leadership gave 27 million small businesses tax cuts. two main pieces of legislation -- the small businesses jobs act in the information you have, will create a total of 500,000 jobs and create eight tax cuts. they are all described in the packet you have. also, unleashing up to $300 billion in credit for small businesses to access. there are another eight tax cuts that were passed through a number of different laws. some of our panelists will address those. even though now...
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is a deal in the works that could stop tax cuts, though it has to pass the house of congress in the next day and a half. it is uncertain. gary joins us now. >> reporter: taxes are going up for most workers because none of the deals being talked about stop taxes going up. for a working making $50,000 a year, that is a thousand dollars increase in your with holding. the income tax rates, there is a agreement to stop those for going up for 99%. there is a agreement to stop the big spending cuts from kicking in by kicking the can down the road a couple months. right now on the hill, outside the senate, they are waiting for word from vice president joe biden who is briefing the caucus on the deal that he reached with senate leaders and with the republican majority leader. they said a few moments ago that there will be a vote sometime before midnight tonight, no guarantee it will pass. whatever happens we are going over that cliff. >> happy new year. >> reporter: vice president joe biden met with democrats after 9:18 p.m. monday night to brief them on a agreement that would raise tax rates on
is a deal in the works that could stop tax cuts, though it has to pass the house of congress in the next day and a half. it is uncertain. gary joins us now. >> reporter: taxes are going up for most workers because none of the deals being talked about stop taxes going up. for a working making $50,000 a year, that is a thousand dollars increase in your with holding. the income tax rates, there is a agreement to stop those for going up for 99%. there is a agreement to stop the big spending...
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cannot agree because of the higher taxes, those bush tax cuts that are going to lapse. >> this congress, as you have been telling us, they now have 43 hours to get something done and so many people are watching what's happening there in washington, d.c. mike viqueira, thank you so much. we'll be talking to you later. joining us now is congressman john yarmuth, democrat from kentucky. thanks for being with us today. a lot happening with your gop friends across the aisle as they are trying to put together perhaps an amendment is what our reporters are telling us. you and i have spoken over the last week several times, and earlier today you said something that you have said before. speaker boehner, you know, has taken on some bravery here. you give him some credit for that you said this morning. you called him courageous for being willing to send this deal to the floor. now that we're hearing these latest developments, excuse me, these latest developments, what's your thought about house republicans and they're signaling they're going to send it back to the senate? >> well, richard, i thin
cannot agree because of the higher taxes, those bush tax cuts that are going to lapse. >> this congress, as you have been telling us, they now have 43 hours to get something done and so many people are watching what's happening there in washington, d.c. mike viqueira, thank you so much. we'll be talking to you later. joining us now is congressman john yarmuth, democrat from kentucky. thanks for being with us today. a lot happening with your gop friends across the aisle as they are trying...
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it stops a scheduled $900 pay raise for congress that was scheduled to take place in march. let's listen to what some folks had to say last night. >> it would extend unemployment insurance to two million americans who are out there still actively looking for a job. >> this shouldn't be the model for how we do things around here but i think we can say we've done some good for the country. >> reporter: the senate did some good for the country. we'll see if the house approves their deal and really makes this a done deal for the country. however, the house does have some issue and a lot of folks say that this just delays the inevitable pushing us over the so-called fiscal cliff. so we'll have that side of the story coming up at 6:30. mike, andrea, back to you. >> delia goncalves reporting live from capitol hill. >> es it 16:04. jessica -- it 16:04. jess -- it is 6:04. jessica doyle is back with your money report. >> we still have the whole debt limit thing? that's right. it is official. we have as a nation gone over our debt limit. that happened yesterday to the tune of $16.4 tr
it stops a scheduled $900 pay raise for congress that was scheduled to take place in march. let's listen to what some folks had to say last night. >> it would extend unemployment insurance to two million americans who are out there still actively looking for a job. >> this shouldn't be the model for how we do things around here but i think we can say we've done some good for the country. >> reporter: the senate did some good for the country. we'll see if the house approves...
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also what is known as the medicare doctors getting a pay cut every so often, congress goes back and fills it in, this involves that as well. >> is a vic the vice president g to do strong-arming or some dealmaking promises or is he just trying to rally the troops? >> a little bit of all three. the only part that appears to be outstanding at this point is the automatic spending cuts. $94 billion known as the sequester kicking in in 2013 through the entire year. democrats want to push that off. so wanted to find spending cuts elsewhere in the budget. that issue is still a bit of a problem. the tax part is something some democrats have a problem with it. >> is there any timetable for a scheduled vote? >> late into the evening if at all tonight. >> late into the evening if at all tonight. the champagne will stay in the refrigerator for all of us at fox business as we work this new year's eve to make sure you know at the very minute that happens whether or not the senate takes a vote on the deal to avert a fiscal cliff. we are going off the cliff but doesn't have to be as bad as some people hav
also what is known as the medicare doctors getting a pay cut every so often, congress goes back and fills it in, this involves that as well. >> is a vic the vice president g to do strong-arming or some dealmaking promises or is he just trying to rally the troops? >> a little bit of all three. the only part that appears to be outstanding at this point is the automatic spending cuts. $94 billion known as the sequester kicking in in 2013 through the entire year. democrats want to push...
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congress. if democrats and republicans cannot come to an agreement on resolving the fiscal cliff by year end, sudden tax increases and drastic budget cuts will take effect and would dramatically slow the u.s. economy. let's look into the two main components of the fiscal cliff. first, taxes. democrats want to let tax cuts for the wealthy to expire but republicans are generally opposed to the plan. individuals would be hit with huge tax hikes if lawmakers cannot find common ground. second component of the fiscal cliff is large federal spending cuts. the tsill ta effecif t two parties fail to strike a deal. spending would be reduced in areas such as health care which democrats oppose. the defense budget would also be cut. republicans are against that happening. the u.s. congressional budget office says the sudden belt-tightening could cause negative growth by the fourth quarter of 2013. the unemployment rate is expected to rise above 9% if the economy dampens. the european and japanese economies
congress. if democrats and republicans cannot come to an agreement on resolving the fiscal cliff by year end, sudden tax increases and drastic budget cuts will take effect and would dramatically slow the u.s. economy. let's look into the two main components of the fiscal cliff. first, taxes. democrats want to let tax cuts for the wealthy to expire but republicans are generally opposed to the plan. individuals would be hit with huge tax hikes if lawmakers cannot find common ground. second...
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congress. if democrats and republicans cannot come to an agreement on resolving the fiscal cliff by year end, sudden tax increases and drastic budget cuts will take effect and would dramatically slow the u.s. economy. let's look into the two main components of the fiscal cliff. first, taxes. democrats want to let tax cuts for the wealthy to expire but republicans are generally opposed to the plan. individuals would be hit with huge tax hikes if lawmakers cannot find common ground. second component of the fiscal cliff is large federal spending cuts. the cuts will take effect if the two parties fail to strike a deal. spending would be reduced in areas such as health care which democrats oppose. the defense budget would also be cut. republicans are against that happening. the u.s. congressional budget office says the sudden belt-tightening could cause negative growth by the fourth quarter of 2013. the unemployment rate is expected to rise above 9% if the economy dampens. the european and japanese
congress. if democrats and republicans cannot come to an agreement on resolving the fiscal cliff by year end, sudden tax increases and drastic budget cuts will take effect and would dramatically slow the u.s. economy. let's look into the two main components of the fiscal cliff. first, taxes. democrats want to let tax cuts for the wealthy to expire but republicans are generally opposed to the plan. individuals would be hit with huge tax hikes if lawmakers cannot find common ground. second...
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they're known to kill things in the 11th hour, this entire congress. sdroo do not pack up the cut yet, luke russert. >> take care. >> joining us to discuss the deal in more detail is democratic congressman jason altmeyer from pennsylvania. congressman, good to see you. good morning. or good afternoon, i guess, now on the east coast here. texas senator kay bailey hutchison said she thought the deal was about even. that's the way she put it in terms of both sides getting what they want and having to sort of put up with some stuff that they didn't. do you think that's a fair assessment? >> i do. i think that's exactly what happened. the tax cut number is a little bit higher than democrats had hoped. it's lower than the republicans had hoped. the dividends and capital gains rate basically they split the difference. the sequester delay -- i think it represents a good faith and at the end result it's a compromise. sdoo let me ask you where you are going. to luke's point, nancy pelosi has not had trouble getting votes when she really wanted them, but there ar
they're known to kill things in the 11th hour, this entire congress. sdroo do not pack up the cut yet, luke russert. >> take care. >> joining us to discuss the deal in more detail is democratic congressman jason altmeyer from pennsylvania. congressman, good to see you. good morning. or good afternoon, i guess, now on the east coast here. texas senator kay bailey hutchison said she thought the deal was about even. that's the way she put it in terms of both sides getting what they...
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reimbursements to doctors will be cut by nearly 30% beginning today because congress may have failed to make the adjustments for medicare payments. it could mean more doctors refewing to treat medicare patients. >>> 2013 will be remembered as landmark year for same sex couples and many couldn't wait to get to city hall at the stroke of midnight. today is a big day as same sex marriage can officially happen in the state. sherrie johnson is live downtown where couples were lined up to say their i dos it was a big morning for many. >> reporter: that's right. a little after midnight 7 same sex couples gathered right here in downtown baltimore at city hall to say their eye dos. this is definitely a historic day for maryland. the couples waited patiently at city hall to say their vows. baltimore mayor stephanie rawlings-blake hosted some of the marriages for same sex couples and perform the first ceremony. couples brought friends and family to take part in the historic ceremony. new year's day has a new meaning for many couples who can have the right to marry the person they love. same sex
reimbursements to doctors will be cut by nearly 30% beginning today because congress may have failed to make the adjustments for medicare payments. it could mean more doctors refewing to treat medicare patients. >>> 2013 will be remembered as landmark year for same sex couples and many couldn't wait to get to city hall at the stroke of midnight. today is a big day as same sex marriage can officially happen in the state. sherrie johnson is live downtown where couples were lined up to...
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remember, congress agreed to these major spending cuts, right? >> that's two months down the road, so even that is kind of a little bit anti-climactic. it is like, my god, the fiscal cliff, the fiscal cliff. we'll deal with it in two months. jessica yellin, so much more to talk to you about. we'll check in later, but thanks so much. >>> as we wait for republicans and democrats to come to the microphones, one democrat just left the meeting, he's going to be joining us next. sten to thesy progressive customers. i plugged in snapshot, and 30 days later, i was saving big on car insurance. with snapshot, i knew what i could save before i switched to progressive. the better i drive, the more i save. i wish our company had something this cool. you're not filming this, are you? aw! camera shy. snapshot from progressive. test-drive snapshot before you switch. visit progressive.com today. to volunteer to help those in need. when a twinge of back pain surprises him. morning starts in high spirits, but there's a growing pain in his lower back. as lines grow
remember, congress agreed to these major spending cuts, right? >> that's two months down the road, so even that is kind of a little bit anti-climactic. it is like, my god, the fiscal cliff, the fiscal cliff. we'll deal with it in two months. jessica yellin, so much more to talk to you about. we'll check in later, but thanks so much. >>> as we wait for republicans and democrats to come to the microphones, one democrat just left the meeting, he's going to be joining us next. sten...
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. >> but with this congress, that was obviously a little too much to hope for at this time. >> reporter: house speaker john boehner has not yet publicly endorsed the deal. and the house reconvenes by midday today. a vote could also come today. >> tara, a lot of republicans weren't happy with the president's speech yesterday. is there any indication that that could affect the vote in the house? >> well, president obama during that speech criticized congress for taking too long to come up with this deal. he also laid the groundwork for another problem that's coming and that's basically burrough -- upping the country's burrough limit. republicans will no doubt try to use upping that in ex-kang for spending cuts. and to which the president said, they have another thing coming if they think that's going to be the case. spending cuts alone are not going to be able to reduce the country's deficit. so we have that coming. senator john mccain said basically that's going to antagonize a lot of the house members and possibly jeopardize the vote. >> a lot of negotiations still need to be done. all
. >> but with this congress, that was obviously a little too much to hope for at this time. >> reporter: house speaker john boehner has not yet publicly endorsed the deal. and the house reconvenes by midday today. a vote could also come today. >> tara, a lot of republicans weren't happy with the president's speech yesterday. is there any indication that that could affect the vote in the house? >> well, president obama during that speech criticized congress for taking too...
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and then for republicans, those who do support this say we'll deal with spending cuts when the new congress gavels in on january 3rd. they would need significant democratic support and a good chunk of republicans to get this thing through tonight. >> is there hope some of the republicans will sort of come around on this? or are the dems and supporters of this bill hoping that desperation kicks in being markets open tomorrow and we still have no deal? >> basically. it is being posted for those who want this to pass for republicans. you're talking about what is now nearly 3.8, $3.9 trillion tax cut. republicans are now looking at a federal budget as we said, and federal tax code where tax rates have gone up on nearly every working american. so by voting for this package you are voting to cut taxes. by not voting for this package you're voting against a tax cut. there are other tax provisions in here that republicans, now that we have had the reset of all the tax rates, should be able to support. that is according to the supporters of this proposal. but still there are major problems from repu
and then for republicans, those who do support this say we'll deal with spending cuts when the new congress gavels in on january 3rd. they would need significant democratic support and a good chunk of republicans to get this thing through tonight. >> is there hope some of the republicans will sort of come around on this? or are the dems and supporters of this bill hoping that desperation kicks in being markets open tomorrow and we still have no deal? >> basically. it is being posted...
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>> reporter: if a deal finalized, and if passes congress, two big ifs, it would extend tax cuts for all workers under $400,000, prevent a big tax hike on estates under $5 million and extend unemployment benefits set to expire tomorrow for some 2 million people. so, the scramble continues tonight. congressional leaders trying to get to a deal that would pass both the house and the senate sometime over the next 24 hours or so, david. >> jon, stick with us here. i want to show the viewers at home that beautiful red and white crystal ball prepared to come down in times square tonight, blue and green, it changes colors as we look at it. the bottom line is, when that ball drops tonight, every american's taxes going up? >> reporter: that is exactly right. they will go up as of midnight. they are going to try to come back and fix it, but as of midnight tonight, everybody's taxes go up. >> all right, jon karl on the watch there at the white house. jon, thanks to you. >>> we're going to turn to the other developing story tonight, the ongoing health scare for secretary of state hillary clinton. sh
>> reporter: if a deal finalized, and if passes congress, two big ifs, it would extend tax cuts for all workers under $400,000, prevent a big tax hike on estates under $5 million and extend unemployment benefits set to expire tomorrow for some 2 million people. so, the scramble continues tonight. congressional leaders trying to get to a deal that would pass both the house and the senate sometime over the next 24 hours or so, david. >> jon, stick with us here. i want to show the...
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congress can retroactively deal with a tax hikes, as well as preventing automatic spending cuts sequestration from happening. the sequestration kicks in on wednesday. that -- this deal, if the house approves it cannot -- approves it, whether they will amend it. for the rank and file to come out as well. we will bring you those events when they happen. on thist your take fiscal cliff deal. david in louisiana, republican caller. caller: i feel this bill is not really accomplishing anything. if we keep ignoring what we are doing with the tax dollars, iciest of money going to refuse -- i see this money going to a very few states and individuals. it is not stimulating manufacturing here. we are buying chinese solar panels and trying to offset that by putting tariffs on imports. it is a big joke. i'm not speaking just on the federal approval. that is just one example. we've got to have oversight and planning. we've got to do something that will not have long-range negative impacts. we've got to control spending. it is not a democrat or republican gain. we have to be realistic about what we are spen
congress can retroactively deal with a tax hikes, as well as preventing automatic spending cuts sequestration from happening. the sequestration kicks in on wednesday. that -- this deal, if the house approves it cannot -- approves it, whether they will amend it. for the rank and file to come out as well. we will bring you those events when they happen. on thist your take fiscal cliff deal. david in louisiana, republican caller. caller: i feel this bill is not really accomplishing anything. if we...
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. >> reporter: president obama said he want taxes and spending cuts at the same time. >> but with this congress that was a little too much to hope for at this time. >> reporter: house speaker john boehner has not publicly endorsed the deal. tara mergener for cbs news, washington. >> now, the house is set to reconvene today at 9 a.m. pacific time. a house vote is expected today or tomorrow. >>> what a night. no fog this year, perfectly clear last night for fireworks along the waterfront here in san francisco. it's beautiful out there. a lot of people showed up for the 15-minute display and jammed the streets near the bob barker. when it was all over, i think most of them are still out there, it was crowded getting into work today but there was some violence during the new year's celebration here in the city. cbs 5 reporter cate caugiran is in san francisco with the problems police had with the new year's crowd and has the latest. >> reporter: good morning. happy new year. san francisco police had their hands full because some celebrations did not go as planned. there were two separate s
. >> reporter: president obama said he want taxes and spending cuts at the same time. >> but with this congress that was a little too much to hope for at this time. >> reporter: house speaker john boehner has not publicly endorsed the deal. tara mergener for cbs news, washington. >> now, the house is set to reconvene today at 9 a.m. pacific time. a house vote is expected today or tomorrow. >>> what a night. no fog this year, perfectly clear last night for...
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. >> reporter: president obama says he wanted a grand bargain that dealt with taxes and spending cuts at the same time. >> but with this congress, that was obviously a little too much to hope for at this time. >> reporter: house speaker john boehner has not publicly yet endorsed the deal. >>> the white house issued a statement after this morning's senate vote. in part it reads while neither democrats or republicans got everything they wanted, this agreement is the right thing to do for our country and this house should pass it without delay. >>> a local police department is starting the new year in mourning. a warrenton father leaves behind three grieving children and saddened neighbors. >> reporter: officer chris young was on his way to another call when this terrible crash happened right here behind me in bristow. it was really sad and hard for our families. the kids all played together. chris was always running around playing flashlight tag with the kids. always had a smile on his face. just a great guy. >> reporter: friends remember officer chris young. the married father of three
. >> reporter: president obama says he wanted a grand bargain that dealt with taxes and spending cuts at the same time. >> but with this congress, that was obviously a little too much to hope for at this time. >> reporter: house speaker john boehner has not publicly yet endorsed the deal. >>> the white house issued a statement after this morning's senate vote. in part it reads while neither democrats or republicans got everything they wanted, this agreement is the...
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it has one more day to prevent automatic spending cuts that take in on wednesday. our coverage of this class continues this morning on "washington journal." if you want all along, go to c- span.org/fiscalcliff. we will begin with your take on this emerging deal. democrats -- republican -- independents -- remember to send us a twit -- a tweet at twitter.com. facebook.com/c-span. or at c-span.org. the senate voted around 2:00 a.m. eastern time. here are the senators that voted no. michael bennet, democrat of colorado, along with senator tom carper, democrat of delaware, senators grassley, harkin, as well as these four republicans, senators lee, paul, rubio, and shelby. not a boating were senators jim demint, the republican of south carolina. he is retiring. senators kirk and lautenberg as well. here was the reaction from all four house republican leaders. it put this out in a joint statement. here is what they had to say -- the house will honor its commitment to consider the senate agreement if it is passed. decisions about whether the house will seek to a set -- to
it has one more day to prevent automatic spending cuts that take in on wednesday. our coverage of this class continues this morning on "washington journal." if you want all along, go to c- span.org/fiscalcliff. we will begin with your take on this emerging deal. democrats -- republican -- independents -- remember to send us a twit -- a tweet at twitter.com. facebook.com/c-span. or at c-span.org. the senate voted around 2:00 a.m. eastern time. here are the senators that voted no....
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about $24 billion in spending cuts would be delayed for two months so the white house and congress can have more time to debate them. vice president joe biden came to will capitol shortly before midnight to help sell the deal. president obama released a statement shortly after the senate vote. it reads in part "tonight's agreement ensures that going forward we will continue to reduce the deficit through a combination of new spending cuts and new revenues from the wealthiest americans. i will continue to fight every day on behalf of the middle class and those fighting to get into the middle class to forge an economy that grows from the middle out, not from the top down." >>> that vote may not come right
about $24 billion in spending cuts would be delayed for two months so the white house and congress can have more time to debate them. vice president joe biden came to will capitol shortly before midnight to help sell the deal. president obama released a statement shortly after the senate vote. it reads in part "tonight's agreement ensures that going forward we will continue to reduce the deficit through a combination of new spending cuts and new revenues from the wealthiest americans. i...
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congress began the new year having missed its deadline to keep tax cuts from rising back to 1990's levels for most americans. and to prevent across-the-board spending cuts. instead, house republicans and democrats spent much of the day mulling a bill that cleared the senate shortly before 2:00 a.m. >> the yeah's are 89. the nays are 8. 60-vote threshold having been achieved the bill as amended is passed. >> woodruff: the senate bill makes permanent the bush era tax cuts for 99% of families, those with incomes under $450,000 a year. anything over that amount would be taxed at a rate of 39.6% up from the current 35. the agreement would raise the estate tax on large estates to 40%. but the payroll tax cut of the last two years would expire. the bill also extends unemployment benefits for a year and it stops a cut in medicare payments for physicians. the senate vote was a rare show of unity welcomed by leaders of both parties. >> as i said, this shouldn't be the model for how we do things around here. but i think we can say we've done some good for the country. >> in passing this agreement do
congress began the new year having missed its deadline to keep tax cuts from rising back to 1990's levels for most americans. and to prevent across-the-board spending cuts. instead, house republicans and democrats spent much of the day mulling a bill that cleared the senate shortly before 2:00 a.m. >> the yeah's are 89. the nays are 8. 60-vote threshold having been achieved the bill as amended is passed. >> woodruff: the senate bill makes permanent the bush era tax cuts for 99% of...
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there is a new congress on thursday. anything that is still up in the air if not resolved by then it will fall and they will have to go back to the drawing board. in the end there will be a deal. but while the uncertainty continues it will hurt the american economy. >> thanks. fierce clashes have erupted as rebels targeted the airport which is now closed to limit the movement of government forces. the syrian army has been surrounding areas after what they described as clashes with armed terrorist group. the iranian navy tested ship missiles in a drill iran warned off foreign surveillance planes that tried to approach their forces during the drill. people in athens started their new year without metro or train services as workers go on strike. they oppose further cuts and their inclusions in the single payroll. seven charity workers, six women have been killed in a drive by shooting in northwest pakistan. police say they were shot dead by gunmen on motorbikes. all of the victims are said to be pakistani citizens. >> unfor
there is a new congress on thursday. anything that is still up in the air if not resolved by then it will fall and they will have to go back to the drawing board. in the end there will be a deal. but while the uncertainty continues it will hurt the american economy. >> thanks. fierce clashes have erupted as rebels targeted the airport which is now closed to limit the movement of government forces. the syrian army has been surrounding areas after what they described as clashes with armed...
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in two months, when the united states hits that debt ceiling, and congress has to vote whether to raise it or not. and the sequester, when they come due, when mandatory spending cuts take effect, remember, they are delaying them for two months, and we will have another huge battle on our hands, and at that point, we will have more leverage, more distance between now and the election and the debt ceiling, because the united states could be default unless the president decides to raise it. it will take an act of congress to raise the debt ceiling. that's what we're looking at in the short term, whether the republicans can get this passed out of the house of representatives tomorrow or the following day, and two months down the line, because the deal they struck tonight, milissa, carries the seeds of further confrontation, bigger confrontation, one more thing, joe biden when he left the meeting stopped by the pool camera outside the senate chamber and said it will be a tough vote. never predict how the senate or house will vote. he asked what was his selling point to democrats? and his one
in two months, when the united states hits that debt ceiling, and congress has to vote whether to raise it or not. and the sequester, when they come due, when mandatory spending cuts take effect, remember, they are delaying them for two months, and we will have another huge battle on our hands, and at that point, we will have more leverage, more distance between now and the election and the debt ceiling, because the united states could be default unless the president decides to raise it. it...
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president obama chastised in his speech congress for taking too long to get the deal done. but he also threw something out at republicans saying if they think that spending cuts is the only thing that's going to reduce the deficit, they have another thing coming and that basically references the $16.5 trillion in debt which is the next issue on the table. a lot of republicans were offended and it could antagonize enough of them to jeopardize an "up" vote on this bill to get it done. >> they are making progress. that's a good sign in the new year. we see what the house says today. tara mergener live on this new year's day in washington, thank you. >>> and that's how they rang in 2013. about a million people in all over the world got the times square treatment. new york's crystal ball dropped into the new year. it was cold but worth it they say to join the party. looks like the weather cooperated for a spectacular night of fireworks along the waterfront in san francisco. they jammed the embarcadero as midnight approached. when it was all over the cars jammed the streets in th
president obama chastised in his speech congress for taking too long to get the deal done. but he also threw something out at republicans saying if they think that spending cuts is the only thing that's going to reduce the deficit, they have another thing coming and that basically references the $16.5 trillion in debt which is the next issue on the table. a lot of republicans were offended and it could antagonize enough of them to jeopardize an "up" vote on this bill to get it done....
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congress and the white house have reached a deal. kron 4's dan kerman is here with the very latest on this developing story. >> reporter: the bush tax cut expire at midnight, and if nothing is done, taxes go up for middle class americans. that is what everyone is trying to avoid. late monday evening vice president joe biden and senator harry read headed to the capitol to brief democrats on a deal worked out between congressional leaders and the white house to prevent across the board spending cuts and tax hikes. >> i think that this is a modest goal that we connect ambush. democrats, republicans in congress set to get this done. this is a modest goal that we can accomplish. >> reporter: for a tax hike for couples earning more than 450-thousand dollars a year. that's a compromise. between what the president wanted and what republicans wanted. the deal also calls for the extension of unemployment benefits and sources say the deal also delays by two months the automatic across the board spending cuts. that two month delay will end up be
congress and the white house have reached a deal. kron 4's dan kerman is here with the very latest on this developing story. >> reporter: the bush tax cut expire at midnight, and if nothing is done, taxes go up for middle class americans. that is what everyone is trying to avoid. late monday evening vice president joe biden and senator harry read headed to the capitol to brief democrats on a deal worked out between congressional leaders and the white house to prevent across the board...
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votes on this next week they could pass legislation retroactively blocking the tax hikes and spending cuts both sides do cells still seem to be bargaining over whether and how to avoid more than one hundred billion dollars in cuts to defense and domestic programs those were scheduled to take effect on wednesday now we want to outline for you the latest details of this deal and sort of talk about what it means i'm joined by sam sax progressive writer and commentator also a former capitol hill staffer so what do we have here sam i mean is this just congress buying more time yes and it's going to be pretty disappointing for all the people who've been watching the corporate news outlets and their countdowns are going to hit zero and they're expecting something like that to happen with the capital falling off the cliff that's not going to happen yes we're going to miss the deadline but as you said markets aren't open so they're not to react tomorrow's a federal holiday so all the agencies that are going to be trying to figure out ways to make these cuts as part of the automatic sequester they'r
votes on this next week they could pass legislation retroactively blocking the tax hikes and spending cuts both sides do cells still seem to be bargaining over whether and how to avoid more than one hundred billion dollars in cuts to defense and domestic programs those were scheduled to take effect on wednesday now we want to outline for you the latest details of this deal and sort of talk about what it means i'm joined by sam sax progressive writer and commentator also a former capitol hill...
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lower cut off, $250,000. but he claimed victory. >> keep in mind that just last month, republicans in congress said they would never greece to raise tax rates on the wealthiest americans. >> the house stands adjourned until noon tomorrow. >> john boehner said lawmakers home to celebrate the new year without a vote to avoid the fiscal cliff. >> it is disgusting, and everybody involved should be embarrassed. >> the economy could take a hit, but senate leaders spoke to counter that with the rare, strong bipartisan vote. >> house republicans could still reject the deal to keep america off the cliff. steve handelsman, debby l. tv 11 news. >> with all that said, we still need -- tv 11 news. >> we are still about an hour away from january 1, 2013. one of the hot spots to be tonight is the inner harbor. sarah samson joins us live from there. i assume the excitement is still building down there. >> absolutely. the crowds have been picking up over the last hour or so. there is lots of enthusiasm out here, with less tha
lower cut off, $250,000. but he claimed victory. >> keep in mind that just last month, republicans in congress said they would never greece to raise tax rates on the wealthiest americans. >> the house stands adjourned until noon tomorrow. >> john boehner said lawmakers home to celebrate the new year without a vote to avoid the fiscal cliff. >> it is disgusting, and everybody involved should be embarrassed. >> the economy could take a hit, but senate leaders spoke...
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and all of these negative effects can be undone with congress continuing to work. but deadlines tend to make things happen here. and missing tonight could delay this for an amount of time we just can't predict. kate? >> kelly o'donnell on capitol hill where i suspect she'll be for a while. tonight our political director and chief white house correspondent chuck todd also on hand tonight. he joins me now. chuck, there are a lot of people, i'm sure, out there rolling their eyes, wondering how did we get to this point on new year's eve? how did they let it go this far? >> reporter: well, the biggest problem is our political system does not reward compromise. the way these deals have happened in the past, with previous presidents and previous speakers and previous leaders is a compromise is rewarded by the public. and right now, whether it's president obama, whether it was speaker boehner, the two of them couldn't find a way to get to a deal because they didn't want to look like they were ever caving. and when you get to a point where it looks like you're caving on som
and all of these negative effects can be undone with congress continuing to work. but deadlines tend to make things happen here. and missing tonight could delay this for an amount of time we just can't predict. kate? >> kelly o'donnell on capitol hill where i suspect she'll be for a while. tonight our political director and chief white house correspondent chuck todd also on hand tonight. he joins me now. chuck, there are a lot of people, i'm sure, out there rolling their eyes, wondering...
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the bush-era tax cuts have expired so everybody's tax rates have gone up but if a compromised bill is passed, retroactively they can pass it. >> this represents the least we could have done under these circumstances. >> it fails to address the mortal threat -- uncontrolled spending. >> reporter: there's one deadline they cannot ig know. >>> the new congress begins monday at 12 p.m. karen travers, abc news washington. >> we have more at abc2news.com. just head to our home page and look for the featured stories. >>> all right. a lack at maryland's most powerful radar. very little of that precipitation has made its way north. all of it well, well south. conditions are still dry. clouds are holding tough around the area. that storm is staying south and still pretty cloudy around here. again, we stayed nice and dry. upper 30s in reisterstown, hick core ri and man chester. 42 in pape pea. cloudy and dry, getting cold. colder still as we go into tomorrow and the middle part of the week. we've got those numbers straight ahead. >>> new tonight a teen killed in a car crash in aberdeen. the vict
the bush-era tax cuts have expired so everybody's tax rates have gone up but if a compromised bill is passed, retroactively they can pass it. >> this represents the least we could have done under these circumstances. >> it fails to address the mortal threat -- uncontrolled spending. >> reporter: there's one deadline they cannot ig know. >>> the new congress begins monday at 12 p.m. karen travers, abc news washington. >> we have more at abc2news.com. just head to...
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president obama campaigned for a lower cut off. $250,000. but he claimed victory. >> keep in mind that just last month republicans in congress said they would never agree to raise tax rates on the wealthiest americans. >> reporter: but house speaker john boehner and his gop lawmakers might still not agree. >> the house stands adjourned until noon tomorrow. >> boehner sent house lawmakers home to celebrate the new year without a vote to avoid the fiscal cliff. >> listen, this is disgusting. and everybody involved should be embarrassed. >> off the cliff at midnight the economy could take a hit but senate leaders hope to counter that with a rare, strong, bipartisan vote. house conservatives could still reject the plan and keep america from climbing back up the cliff. i'm steve handelsman, news 4, capitol hill. >> again the senate is expected to vote on those bills sometime late tonight or early tomorrow morning. top democrats say it will have their support. tomorrow at noon could be where we really find out if the deal holds up. stay with news
president obama campaigned for a lower cut off. $250,000. but he claimed victory. >> keep in mind that just last month republicans in congress said they would never agree to raise tax rates on the wealthiest americans. >> reporter: but house speaker john boehner and his gop lawmakers might still not agree. >> the house stands adjourned until noon tomorrow. >> boehner sent house lawmakers home to celebrate the new year without a vote to avoid the fiscal cliff. >>...
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what that would do is it would allow congress more time to look for alternatives that wouldn't be so draconian to make additional cuts that would not be arbitrary, but would be more well thought out. both parties would like to achieve that they're looking at a possible delay of two months. the problem with that is to delay it meeans the cost of the two months is to add to it the deficiency. they're looking for other ways to offset that cost. the argument here all trying to come down to deal with the long-term deficit. so any move that in effect adds to the deficit really undoes all of the work they're at. so it's an unusual night. there are pizza boxes around there are people who aren't normally here there are at least a handful of senators who are celebrating anniversaries that i've spoke to either tonight or tomorrow with spouses who are near or far. so it's an unusual atmosphere. it is still possible they say to get some kind of an immigrant on the senate side tonight. that's why they're staying late. the house has gone home. so in effect, the cliff going over is inevitable. but a
what that would do is it would allow congress more time to look for alternatives that wouldn't be so draconian to make additional cuts that would not be arbitrary, but would be more well thought out. both parties would like to achieve that they're looking at a possible delay of two months. the problem with that is to delay it meeans the cost of the two months is to add to it the deficiency. they're looking for other ways to offset that cost. the argument here all trying to come down to deal...
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pay raise for members of congress. >> it could extend unemployment insurance to two million americans who are out there still actively looking for a job. >> this shoondz be the model for -- shouldn't be the model for how we do things around here but i think we can say we've done some good for the country. >> reporter: at least the senate think they've done some good for the country. the house still has to pass the bill for it to really become law and take effect before we fall off the so-called fiscal cliff. but some republicans say this deal will only delay the enevidentible. we'll have that -- the inevitable. we'll have that side of the story coming up at 5:30. >> delia goncalves reporting live from capitol hill. >> you might call it progress, right? >> maybe not. >> something happened over there. >>> 5:04. time for the latest your money report. >> we'll let jessica decide if there's any progress or any news in business. >> good morning to you guys. happy new year and happy new year to everybody. the fiscal cliff of course has been the big albatross the last few months. a big sigh o
pay raise for members of congress. >> it could extend unemployment insurance to two million americans who are out there still actively looking for a job. >> this shoondz be the model for -- shouldn't be the model for how we do things around here but i think we can say we've done some good for the country. >> reporter: at least the senate think they've done some good for the country. the house still has to pass the bill for it to really become law and take effect before we fall...
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that is not lost on a lot of members in the congress. i've spoken to many that would just like to vote on the senate bill. but others say it doesn't cut enough spending. they'd like to see more spending cuts. perhaps we could attach an amendment, they say, to the proposal that would have more spending cuts. but what's interesting is john boehner for the last few weeks has said repeatedly let's let harry reid and mitch mcconnell and senate figure this out. now they figured it out and now it's on the house side. as one republican member told me when the senate jams you, they jam you. and there's not a lot you can do about it. don't ask for the senate to jam you then get angry afterwards. so the way forward, it's very perilous now. the markets in asia are going to open up in a few hours. i've got tons of e-mails from folks in the finance community wondering what exactly is happening in washington. we thought this was a done deal. it is very far from a done deal and maybe if we have no vote tonight on something, maybe it takes a market crash
that is not lost on a lot of members in the congress. i've spoken to many that would just like to vote on the senate bill. but others say it doesn't cut enough spending. they'd like to see more spending cuts. perhaps we could attach an amendment, they say, to the proposal that would have more spending cuts. but what's interesting is john boehner for the last few weeks has said repeatedly let's let harry reid and mitch mcconnell and senate figure this out. now they figured it out and now it's on...
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again, they do have to decide what to do with the planned $24 billion in spending cuts and that will come right about the time that congress has to deal with yet another bruising debt ceiling battle. >> all right. thank you. >>> why do you think lawmaker waited until last minute? there is a lot of questions surrounding that. we are getting a lot of feedback on our facebook page. >> william have bad hotwood says it was to, quote, act like they are doing something for their already overrated salaries. they do this almost every year. we need to force them to change the way they work us for. share your commends our facebook page. >>> still ahead this new year's morning. >> so, a deal has been reached mentioned in the senate. that doesn't mean the tension is gone. we'll take a look at what new year's resolution lawmakers may want to consider when we come back. (woman) 3 days of walking to give a break cancer survivor a lifetime-- that's definitely a fair trade. it was such a beautiful experience. (jessica lee) ♪ and it's beautiful (woman) why walk 60 miles in the boldest breast cancer e
again, they do have to decide what to do with the planned $24 billion in spending cuts and that will come right about the time that congress has to deal with yet another bruising debt ceiling battle. >> all right. thank you. >>> why do you think lawmaker waited until last minute? there is a lot of questions surrounding that. we are getting a lot of feedback on our facebook page. >> william have bad hotwood says it was to, quote, act like they are doing something for their...
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a decision on spending cuts has been delayed until march. stock markets begin the new year on wednesday when washington will find out what wall street thinks of congress' last ditch compromise. >> we will talk more about this latest deal. for that i am joined by our business correspondent. as we heard hard fought compromise in the senate at least but not everybody seems to be too satisfied. >> it is a compromise. both sides had to withdraw from their original positions. democrats wanted to raise taxes for yearly family incomes starting at $25,000. now it has been pushed to $450,000. if you look at the republicans they preferred to not raise any taxes at all. that idea did not succeed at all. but there is a feeling of relief that the deal has been reached. you have to keep in mind the compromise needs to pass the house of representatives with the republican majority. >> if it does pass will it be effective and solve the budget problem in the united states? >> no. major issues have not been addressed so far. if you look at the questions of aut
a decision on spending cuts has been delayed until march. stock markets begin the new year on wednesday when washington will find out what wall street thinks of congress' last ditch compromise. >> we will talk more about this latest deal. for that i am joined by our business correspondent. as we heard hard fought compromise in the senate at least but not everybody seems to be too satisfied. >> it is a compromise. both sides had to withdraw from their original positions. democrats...
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keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department but that also have an impact on things like head start. there are some programs that are scheduled to be cut. we are using an ax instead of a scalpel. it may not always be the smartest cuts. that is a piece of business that still has to be taken care of. i want to make clear that any agreement we have to deal with these automatic spending cuts, those also have to be balanced. my principle has always been to do things in a balanced, responsible way and that means revenues as to be part of the equation in turning off the sequester as well as spending cuts. the same is true for any future deficit agreement. we will have to do more to reduce our debt and deficit. i am willing to do more but it will have to be balanced. we will have to do it in a responsible way. i am willing to reduce our government's medicare bills by finding new ways to reduce the costs of health care in this country. that is something which all agree on. we want to make sure tha
keep in mind that some of these spending cuts that congress has said will automatically go into effect have an impact on our defense department but that also have an impact on things like head start. there are some programs that are scheduled to be cut. we are using an ax instead of a scalpel. it may not always be the smartest cuts. that is a piece of business that still has to be taken care of. i want to make clear that any agreement we have to deal with these automatic spending cuts, those...
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this entire process and maybe kill it in this current congress. tax increases would go forward for millions and millions of americans. we're watching what's happening in the congress right now. world financial markets are watching very closely as well. they'll soon start reopening after the new year holiday, beginning shortly in asia, later overnight in europe, followed by wall street in the mourning. let's go to our chief business correspondent, ali velshi in new york. ali, what will make investors take a look at this fiscal cliff uncertainty and decide to buy or sell? what's going to happen? >> well, they're really going to wait for the same thing we're waiting for. and that is some srcertainty. so at this point, as you've been reporting so well for a few hours, we don't know whether the house is going to vote or whether america is really going over the fiscal cliff for a few days. now, we've got only australia open at the moment and new zealand. these are not markets that will give us a real sense of how the rest of the world is going to go, an
this entire process and maybe kill it in this current congress. tax increases would go forward for millions and millions of americans. we're watching what's happening in the congress right now. world financial markets are watching very closely as well. they'll soon start reopening after the new year holiday, beginning shortly in asia, later overnight in europe, followed by wall street in the mourning. let's go to our chief business correspondent, ali velshi in new york. ali, what will make...
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era cuts lapse for the wealthy is a bitter pill. >> the big battle is still to come. it's over the debt ceiling. >> but senate republican leader mcconnell did not join in bashing td president, pushing fellow republicans to accept the compromise. >> the president said, quote, for now our most immediate priority is to stop taxes going up for middle class families starting tomorrow, end quote and i agree. >> sor, white house and you just heard the senate minority leader they have a deal. and whether or not congress accepts it, we'll have to wait to see. neither left nor right likes this deal, house officials tell abc news nancy pelosi and hairy -- harry re dismt d both signed off on the plan. >> mark, thank you very much. well, one of the people who could with affect fwhitd action is roshel carguile, she makes her own business making and marketing her own brand of salsa. the lack of a deal has left her confused and uncertain about the future of her business. >> if the fiscal cliff seems abstraction, here is a small business perched on the edge. >> i mix it and make a fab
era cuts lapse for the wealthy is a bitter pill. >> the big battle is still to come. it's over the debt ceiling. >> but senate republican leader mcconnell did not join in bashing td president, pushing fellow republicans to accept the compromise. >> the president said, quote, for now our most immediate priority is to stop taxes going up for middle class families starting tomorrow, end quote and i agree. >> sor, white house and you just heard the senate minority leader...